Chinese-Canadian Tycoon Xiao Jianhua Fined Billions and Jailed for 13 Years for Financial Crimes

China sentenced billionaire Xiao Jianhua to 13 years in prison and imposed a record $8.1 billion fine for financial crimes, including using his company, Tomorrow Holdings, to illegally take public deposits, illegally using funds and bribery, the Chinese court said Friday. The court added that Xiao and his company have “severely violated a financial management order” and “hurt state financial security.” For twenty years, Xiao and Tomorrow Holdings illegally handed real estate, cash and other assets to government officials to avoid financial supervision, according to the court. His sentence was lighter because of his cooperation and actions taken to amend the financial losses, the court said. However, China is not allowing Xiao, a dual citizen with Canada, access to the Canadian consulate because China doesn’t recognize dual citizenship. “The lack of transparency in Mr. Xiao’s legal process is very concerning, as is the ongoing lack of consular access, which prevents us from being able to assess his wellbeing,” the Canadian foreign ministry said in a statement.